MOSCOW (MRC) -- SOCAR Turkey Enerji has merged its assets with SOCAR Izmir Petrokimya in the Petkim Petrochemical Complex, as per Azernews.
As a result of the deal, the share of SOCAR Turkey Enerji in this complex reached 61.32%, Turkey's Public Disclosure Platform said on September 23.
Earlier SOCAR Turkey Enerji held indirectly 51% of Petkim Petrochemical Holding through its subsidiary SOCAR Turkey Petrokimya and 10.32% through SOCAR Izmir Petrokimya.
The process of merging of assets of SOCAR Turkey Enerji and its subsidiary SOCAR Izmir Petrokimya took place on 22 September.
Some 38.67% of stake of the petrochemical complex is still in free circulation on the Istanbul Stock Exchange.
The total production volume of the holding amounted to nearly 2.82 million tons in 2013, compared to 3.03 million tons in 2012.
Investments in the development of the complex will amount to USD114 million in 2014. Petkim's share in the Turkish market is expected to hit 40% by 2023.
As MRC informed previously, the production capacity of the Turkish Pektim Petrochemical Holding where SOCAR, Azerbaijan’s state energy company has equity participation will increase from 3.2 million tons to 3.6 million tons in 2014. An increase in production capacity will be possible thanks to the improved capacity of ethylene and purified terephthalic acid (PTA) production enterprises. In particular, the ethylene production enterprise's capacity will increase from current 520,000 tons to 587,000 tons by late 2014. The PTA production capacity will increase from 70,000 tons to 105,000 tons which will require investments worth USD25 million.
Petkim is the leading petrochemical company of Turkey. Specializing in petrochemical manufacturing, the company produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other chemical building blocks for use in the manufacture of plastics, textiles, and other consumer and industrial products.